Orla Mining (TSX: OLA) posted quarterly revenue of $263.7 million in Q2 2025, up 212% from $84.6 million in Q2 2024.
The jump reflected 78,911 ounces sold versus 34,875 a year ago, and a higher average realized gold price of $3,251 per ounce versus the prior $2,332 per ounce. Costs also jumped with consolidated cash cost at $1,065 per ounce from $498 per ounce a year ago, and AISC was at $1,421 per ounce from $782 per ounce.
The surge is driven by the inclusion of the higher-cost Musselwhite operation, reporting $1,272 per ounce cash costs and $1,663 per ounce AISC. Camino Rojo posted cash costs of $657 per ounce (from $498 per ounce) and AISC of $690 per ounce (from $782 per ounce).
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Net income doubled to $48.2 million from $24.3 million, or $0.15 per share. On an adjusted basis, earnings increased to $64.2 million, or $0.20 per share, from $23.0 million, or $0.07 per share.
Operating cash flow was $94.8 million, up from $49.0 million. Investing outflows rose to $30.6 million from $4.9 million. Free cash flow improved to $64.2 million from $44.1 million. Year to date, operating cash flow reached $506.3 million versus $77.1 million, but investing outflows totaled $846.2 million, including $798.5 million for the Musselwhite acquisition, driving year-to-date free cash flow to negative $339.9 million versus positive $68.0 million last year.
Exploration and project expenditure was $32.3 million, with $22.9 million capitalized and $9.4 million expensed.
Cash balance at quarter end was $215.4 million versus $160.8 million at 2024 year-end. Long-term debt stood at $420.0 million versus none at year-end, turning the company from $160.8 million net cash to $204.6 million net debt.
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Total gold production reached a quarterly record of 77,811 ounces. Camino Rojo produced 25,145 ounces and sold 26,591 ounces. The site stacked 2.6 million tonnes at 0.57 g/t, including 1.7 million tonnes at 0.71 g/t and 0.9 million tonnes of rehandled low-grade ore at 0.32 g/t. Musselwhite produced 52,666 ounces and sold 52,318 ounces from 295,000 tonnes milled at 5.52 g/t with 96.5% recovery.
The July pit-wall event at Camino Rojo prompted an operational pause and resequencing. The action plan includes a 50–80 meter pushback of the north wall, redesigned slopes, and continuous monitoring. Approximately 9.0 million tonnes of predominantly oxidized material is slated for removal and stacking.
Guidance was revised with 2025 production now slated at 265,000–285,000 ounces (from 280,000–300,000 ounces). Camino Rojo was cut to 95,000–105,000 ounces (from 110,000–120,000 ounces), while Musselwhite remains at 170,000–180,000 ounces.
Consolidated cash cost guidance moves to $900–$1,100 per ounce (from $850–$1,050 per ounce) and AISC guidance rises to $1,350–$1,550 per ounce (from $1,300–$1,500 per ounce). For Camino Rojo, cash cost is now expected to be in the $800–$900 per ounce range (from $625–$725 per ounce) and AISC is expected to be in a range of $850–$950 per ounce (from $700–$800 per ounce). Musselwhite guidance is unchanged at $1,000–$1,200 per ounce cash cost and $1,550–$1,750 per ounce AISC.
Orla Mining last traded at $14.18 on the TSX.
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